Power earnings: guidance and what to watch

Power will report its next results on November 11, 2026. Watch whether Milliman integration spending stays within expectations.

What has Power guided for its businesses?

Great-West, Power’s insurance subsidiary, supplies the clearest operating yardstick. It targets base earnings-per-share growth of 8.0%–10.0% and base return on equity of at least 19.0%. “Base” means an adjusted measure that excludes specified items, while return on equity compares profit with shareholders’ accounting capital.

Great-West also targets capital generation of at least 80.0% and a common-dividend payout of 45.0%–55.0% of base earnings. Capital generation measures regulatory capacity created after the insurance business absorbs the capital it needs; it is not cash immediately available to Power. IGM, Power’s investment-management subsidiary, targets 9.0% adjusted earnings-per-share growth over 2023–2028.

Has Power kept its past promises?

Power has repeatedly promised to return capital and simplify the group. It reported more than C$10 billion returned through dividends and repurchases since 2020, including C$1.5 billion in the first half of 2026. O’Sullivan reaffirmed dividends and buybacks as priorities, but his own record began only in July. His test is value created per share after compensation and financing costs.

What is Power’s recent revenue and profit trend?

The first distinction is between Power’s view of recurring business performance and the final accounting result. Operating earnings improved in 2025 while net income declined, because net income also absorbs investment movements, disposals, impairments, taxes, and other items. The gap is therefore evidence about the business, not an error to ignore.

What should Power watchers look for next?

Investors should separate growth in the acquired operations from growth in Empower’s existing business and watch whether integration spending remains within expectations. A larger platform alone will not prove successful execution.